Wal-Mart offers employees health premium option.(Brief Article)

Business Insurance, February, 2002 by Wojcik, Joanne

BENTONVILLE, Ark.-Wal-Mart Corp. is giving its employees the option of using part of the company's annual contribution to their 401(k) plan benefits to pay for increases in health plan premiums. In the company's benefits handbook for 2002, employees were told that beginning this month, they can elect one of three uses for one-half of the company's annual contribution.

The retail giant contributes an amount equal to 2% of each employee's salary, regardless of whether the employee participates in the company's 401(k) plan. Under the arrangement described in the handbook, employees can deposit the funds into a 401(k) account, use it ``to help offset your healthcare costs'' beginning with the employee's April paycheck, or take a cash lump-sum payout. Under...

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